Data Analytics Toolkit - Tools and Applications
Monday, May 1, 2023 – Tuesday, April 30, 2024
2.00CREDITSAccounting, Management Services
There is no shortage of data, but relatively few organizations have an environment and process to isolate, capture, analyze, and convert data into actionable information. Too often, we collect as much data as possible, continue to use historic measurements, and communicate data using traditional vehicles. Good decisions are not the result of the amount of data gathered, but of the quality and understanding of the information. The goal of this program is to explore a number of analytical tools and techniques and identify applications for them within an organization. Analytical techniques will be introduced throughout the discussion, and a significant amount of time will be spent addressing the steps needed to establish a data-driven environment and identifying and discussing potential/specific applications. In this way, participants get experience they can begin to use in their organizations.
An expanded list of reference books and next level software is also provided.
- Determine and expand the current use of data analytics within an organization
- Identify common uses of analytics in organizations today.
- Improve financial staff’s core activities (measuring, reporting, budgeting, and forecasting) through data analytics
- Understand traditional and non-traditional sources of data for analysis
- Explore and isolate applications for numerous statistical and software tools that are readily available
- Recognize specific areas where financial professionals add significant value using data analytics, either now or in the future
- Definition of Data Analytics
- Assessing your organization’s current status and establishing an environment for success
- Financial staff’s core activities
- Common uses of analytics and current examples
- Behavioral forces that impact decisions
- Examples of inaccurate forecasts
- Identifying strategic measurements (KPIs)
- Improving budgeting and forecasting and addressing Black Swan events
- Collecting and using data from traditional and non-traditional data sources
- Statistical tools, including Median, Mode, Moving average, Ratio analysis, Pareto analysis, Rolling forecast, Mission-based budgeting, Trend analysis, Regression, Z-Score (public and private organizations), and Simulation
- Analytical techniques, including Brainstorming, Mind mapping, and Delphi technique
- Software tools that are readily available and can assist in visually exploring data; expanding the scope of available data, as well as collecting, analyzing and presenting results (including Dashboards).
- Specific ideas for using Data Analytics, including immediate opportunities and areas for further consideration
- Expanded lists of readings and next level software for a participants’ future reference